:00:00. > :00:12.All the programme, and penshons special and the people who could
:00:13. > :00:17.teach you out of yours. We reveal why so many people are turnhng their
:00:18. > :00:23.backs on pensions. It is not beneficial to me to a into ` pension
:00:24. > :00:27.at the moment. You think yot would be happy living on ?20 per day for
:00:28. > :00:35.the rest of your life when xou reach retirement? We go undercover to find
:00:36. > :00:39.out the biggest scam in the pensions industry that can leave people
:00:40. > :00:45.penniless. And I find out how the water voles is coming back from the
:00:46. > :00:50.brink of extinction. It was predicted they would be exthnct by
:00:51. > :01:02.2015. Revealing the stories that matter close to home.
:01:03. > :01:07.I am in Suffolk and we have the results of an exclusive survey
:01:08. > :01:13.commissioned for us that sahd that about half of adults in Britain do
:01:14. > :01:18.not have a private pension. The research suggests that the lain
:01:19. > :01:21.reason is not having enough money with 40% saying they cannot afford
:01:22. > :01:25.it. More than one quarter s`y they are too young to think about
:01:26. > :01:36.pensions where one in five say they are investing their money elsewhere.
:01:37. > :01:39.Previous generations retired at 60, got on with the gardening and were
:01:40. > :01:46.But with life expectancy continuing to rise, even if we retire later,
:01:47. > :01:53.These days most of Britain?s workers don?t have a pension sorted,
:01:54. > :01:59.which could leave us relying entirely on the state or like
:02:00. > :02:07.our 65 year old bus and its 70 year old driver Mervyn, still working.
:02:08. > :02:14.I enjoy it and I am a part of the business. It is a nice job `nd you
:02:15. > :02:21.meet nice people. Well I can and carrying on. I did invest into a
:02:22. > :02:28.And where better to meet th`n the Pensioners Pub.
:02:29. > :02:33.Half of our passengers on our 1949 Bedford are rethred
:02:34. > :02:35.The other half are pension refuseniks, a handful of Brhtain's
:02:36. > :02:38.13 million company employees who don?t have a private pension.
:02:39. > :02:43.The government's rolling out a scheme to try to put that right.
:02:44. > :02:45.Auto enrolment makes it a legal requirement for companies to
:02:46. > :02:51.But if you earn less than tdn thousand pounds you won't qtalify.
:02:52. > :03:02.And anyone self`employed will have to sort themselves out.
:03:03. > :03:13.And up, who has a pension? Who hasn't got a pension? Why not?
:03:14. > :03:18.Money. Saving up for a penshon and putting money aside is not feasible
:03:19. > :03:24.at the moment. I am Adam, I am 7 and a senior colour technichan. I
:03:25. > :03:28.get paid ?500 per month at the moment so there is no extra funds
:03:29. > :03:31.therefore pensions. Adam is not the only one. You don't have a pension
:03:32. > :03:33.either? I?m still doing my studying
:03:34. > :03:39.so it?s not beneficial to md to pay Hilda's celebrating her
:03:40. > :03:53.100th birthday today. These days you're 44 times lore
:03:54. > :03:57.likely to do the same than 60 years ago which has prompted the
:03:58. > :03:59.government to make the most sweeping Time to make room on the bus
:04:00. > :04:07.for Minister of State for Pdnsions Steve Webb, the man responshble
:04:08. > :04:11.for the radical reforms. The first thing we've got to do is
:04:12. > :04:14.get millions of people Particularly starting with xoung
:04:15. > :04:18.people then we?ve got to buhld 8% of your salary probably
:04:19. > :04:34.isn?t going to provide enough. What about the charges? Oncd you get
:04:35. > :04:39.a pension you will be mailed by charges. What will you do about
:04:40. > :04:43.that? People have been rippdd off but these new pensions will be
:04:44. > :04:46.different. We will cap charges so from next April more than m`ke any p
:04:47. > :04:52.in the house that you put into a pension will go into the pension and
:04:53. > :04:54.not into charges. They will be the best value pensions, partictlarly
:04:55. > :05:01.because your company is putting money in as well. One of thd best
:05:02. > :05:04.things you can invest in. Tdll me about your pension experience. Do
:05:05. > :05:11.you have one, but you never have one? I am self`employed, I do
:05:12. > :05:16.weddings and things like th`t. I do not think the return you will get
:05:17. > :05:23.from you pension will be valid. Mark is 39 and has opted for a bty to
:05:24. > :05:28.let. My property will read out to students in Southampton, a high
:05:29. > :05:31.student population there. It is in the centre of town so it is a wicked
:05:32. > :05:38.locations or it will read no matter what. This 37`year`old man has
:05:39. > :05:43.frozen his private pension, put by the constantly increasing rdtirement
:05:44. > :05:46.age. I do not trust pensions, I want to know how much I am going to get
:05:47. > :05:53.and when I will get that because it keeps increasing every day.
:05:54. > :05:58.Sometimes the C 60 or 75 and I do not know what will happen at that
:05:59. > :06:02.time. I understand why people might want to do things in addition to
:06:03. > :06:06.pensions but the condition `` consider a pension as an option
:06:07. > :06:11.There is always a little solething that can make it easier for you
:06:12. > :06:16.such as if you work for an dmployer the employer could contribute it to
:06:17. > :06:19.your pension scheme. For people like us at the pensions advisory service
:06:20. > :06:21.and we can give you hints to make it helpful but do not just relx on one
:06:22. > :06:37.source of income at retiremdnt. Things are different on the retired
:06:38. > :06:40.side of the bus with some h`ve the sort of gold`plated final s`lary
:06:41. > :06:46.schemes that anyone signing up to a pension now we'll never get. I don't
:06:47. > :06:49.see myself as being privileged. I see myself as having worked in
:06:50. > :06:55.public service for a relatively reasonable salary, but the
:06:56. > :06:59.attraction of it was always the reasonable pension at the end of the
:07:00. > :07:04.day. Pension is pretty good really because it is index`linked `nd I
:07:05. > :07:09.know from you to year exactly what it is I am probably going to get. I
:07:10. > :07:14.am one of the lucky ones, I ended up with a final salary scheme `s I have
:07:15. > :07:20.been with the same company for 0 years and I was rewarded for that
:07:21. > :07:28.loyalty with a garden decent pension. Not all pensioners are as
:07:29. > :07:35.fortunate. I am then, I am 67 and I survive on a basic pension which is
:07:36. > :07:43.about ?72 per week. I am Reg, I have 78 and my state pension is ?640 per
:07:44. > :07:49.month, plus I have a privatd pension which is ?150 per month. Between
:07:50. > :07:53.them that is roughly ?15,000 per year. Recently ?17,000 per household
:07:54. > :07:59.was quoted as the amount nedded for a comfortable retirement. When you
:08:00. > :08:07.are young you do not think `bout 40 years hence, do you? It credps up on
:08:08. > :08:12.you until you get to about 45 or 50 and he think, you know. We don't
:08:13. > :08:18.take life too seriously bec`use if we did we could get a bit ddpressed.
:08:19. > :08:27.Compared to men, three times as many women retire with no privatd pension
:08:28. > :08:30.at all. There is the pension special also the promenade is time for for
:08:31. > :08:36.those of us who might still have our heads in the sand. The majority of
:08:37. > :08:40.workers do not have pension savings. Anyone on that side of the vast you
:08:41. > :08:47.are not alone, there are many people like you out there, however, the
:08:48. > :08:51.main message must be, if yot do not save for your later life wh`t are
:08:52. > :08:57.you going to live on? The state pension certainly for those who are
:08:58. > :09:02.relatively young now is changing dramatically. And from 2016 onwards
:09:03. > :09:07.younger people will know th`t when they get to retirement the state
:09:08. > :09:12.pension is going to be around ? 0 per day. If you think you whll be
:09:13. > :09:16.happy living ?20 per for thd rest of your life when you have reached
:09:17. > :09:20.retirement then fine, do not do anything but if you think you might
:09:21. > :09:28.want more than 20p per day to have a decent lifestyle then unless you do
:09:29. > :09:34.some saving now you will not have any money coming in from th`t
:09:35. > :09:38.pension later. It is all about being prepared. Or is it? I was planning
:09:39. > :09:45.to start sorting out my pension at around 40, which after todax I have
:09:46. > :09:47.realised is far too late. Wd are in the business of living for today
:09:48. > :09:53.because you never know what will happen tomorrow. My business is
:09:54. > :09:58.going good and property is going well so I am happy with how things
:09:59. > :10:01.are going. One thing is for certain, when it comes to keeping our heads
:10:02. > :10:09.above water when we retire we will all have to plan ahead.
:10:10. > :10:15.If you want more details from our pension survey go to the website. I
:10:16. > :10:31.am also on twitter. Coming up: this little creature was
:10:32. > :10:39.almost extinct, but now he hs back. But can I find him?
:10:40. > :10:43.We are sticking with pensions. Some people might be tempted to cash
:10:44. > :10:47.independence early, pension liberation companies, as thdy are
:10:48. > :10:52.called, targets people with tempting offers to release pension c`sh. But
:10:53. > :10:58.they do not mention the hugd tax implications if you are unddr 5 . We
:10:59. > :11:01.have been undercover to expose the company is promising their victims
:11:02. > :11:09.of financial security but rdading them much worse off.
:11:10. > :11:16.When we take out a pension ht is all about securing our future, ` nest
:11:17. > :11:24.egg for retirement. But what happens if I want to cash my name bdfore I
:11:25. > :11:28.am 55? According to some colpanies, ages no barrier. It sounds
:11:29. > :11:34.liberating and that is what they call it, pension liberation. When
:11:35. > :11:40.Julian from Hertfordshire and needed to free up some cash, one sdems
:11:41. > :11:45.particularly appealing. I h`d just lost my job and had a frozen pension
:11:46. > :11:50.for ten years with about ?50 and I said to myself it is just shtting
:11:51. > :11:56.there, it is a difficult tile so I need to withdraw some money. The
:11:57. > :11:59.scheme freed ?25,000 in cash but Julie and Julia was short lhved
:12:00. > :12:05.First the pensions regulator and then the High Court ruled for an
:12:06. > :12:10.unauthorised payments. Then he got a letter from the taxman saying that
:12:11. > :12:15.he would ?16,000. It was very shocking. I did not know whdre to
:12:16. > :12:18.go. I said to myself, I do not have any money because I am a single
:12:19. > :12:28.error at the moment and my wife does not work. I have a young son. Where
:12:29. > :12:33.do I go from here? The great thing about pensions is that they are tax
:12:34. > :12:38.efficient. We get tax relief on them to encourage others to save but
:12:39. > :12:41.there are strings attached. And if you try to cash years in before you
:12:42. > :12:47.are 55 cutting those things will cost you a fortune. You will have to
:12:48. > :12:53.be up to 70% of what you get back in tax. It is important that pdople
:12:54. > :12:57.know that. But Julian did not. Now he was the taxman thousands of
:12:58. > :13:02.pounds. If I knew there was any tax going to be applied to the `mount of
:13:03. > :13:08.money I would not have touched it so we where only informed and the
:13:09. > :13:13.financial advisers were not doing their job. Julian is not alone, many
:13:14. > :13:18.people here join the same scheme. Some as they have told me f`ce
:13:19. > :13:21.financial ruin. It is why they formed this support group. The
:13:22. > :13:27.people selling these schemes were very crafty, very clever and slicker
:13:28. > :13:34.convincing. And we believed them. That was a tragedy. What is the
:13:35. > :13:37.emotional impact? It has bedn devastating. There have been
:13:38. > :13:40.numerous people who said to me that we sometimes feel the only way out
:13:41. > :13:48.is to commit suicide. Because it is no escape. For those of us stuck in
:13:49. > :13:51.a financial hole clean up hdr pension pot might seem like the
:13:52. > :13:55.light at the end of the tunnel but the people I have met so far say
:13:56. > :14:00.they were kept in the dark `bout tax. That is why I am doing my own
:14:01. > :14:05.research. I want to find out if companies are really telling people
:14:06. > :14:10.age does not matter. I can cash my pension in early and not pax tax. I
:14:11. > :14:16.will start with the initial pension, 37,600. This company will
:14:17. > :14:23.take only a certain amount of fees. What you are left with is 24,83 .
:14:24. > :14:28.That is 68% of your pension. But what it does not tell you is that
:14:29. > :14:33.HMRC are going to also take a further 55%, at minimum. Whhch
:14:34. > :14:38.leaves you with about 10% ldft of your pension. That is a frightening
:14:39. > :14:43.thought but our company is setting out to mislead or just being short
:14:44. > :14:48.on facts. I am hoping a few calls will help me find out. We h`ve
:14:49. > :14:53.chosen a selection of companies at random and I have asked pension
:14:54. > :14:57.expert Richard Jacobs to listen in. I am wondering if you guys can help.
:14:58. > :14:59.I am pretending to be 48 82 if I cashed in my pension there would be
:15:00. > :15:12.taxed to pay. The first company knows the rules.
:15:13. > :15:15.Maybe I will not be misled. Operation Scorpio might havd
:15:16. > :15:20.something to do with that. Ht is what the police and pensions
:15:21. > :15:28.regulators are calling their crackdown on pension liberation
:15:29. > :15:31.companies. It is worth almost half ?1 billion. But are their t`ctics
:15:32. > :15:37.working? We have been making some calls. I want to know what Richard
:15:38. > :15:38.thinks of them. I want you to listen and try and pick out the wrong
:15:39. > :15:54.doings going on. We have made it clear I am tnder 55
:15:55. > :16:02.but I need cash fast. Those monies would be paid back to you through
:16:03. > :16:12.another channel. You receivd 20 of the value of your investment. You
:16:13. > :16:17.are licking your lips at thhs. It is a scam. Whoever that businesses if
:16:18. > :16:22.money is coming out, it has got to come from somewhere, there hs no
:16:23. > :16:27.money magic from anywhere, but that is pension liberation, what ever
:16:28. > :16:29.name they put on it. But he knows I'm under 55, so I will havd to pay
:16:30. > :17:37.tax, right? pension before 55, they are lying to
:17:38. > :17:41.you. But if people are still being misled, why are the victims pain?
:17:42. > :19:10.I'm hoping growth can answer that helping to raise awareness, but as
:19:11. > :19:16.our evidence shows, new victims are still getting stung. If you're
:19:17. > :19:21.worried about your pension, you can go to our website for more
:19:22. > :19:30.information. Now, the wildlhfe battle between the water vole and
:19:31. > :19:34.the vicious intruder. I went to place like to find out if the water
:19:35. > :19:47.vole can make a comeback from the brink of extinction, after `n
:19:48. > :19:48.invasion of mink. A peaceful scene in the countryside. A scene almost
:19:49. > :19:54.frozen in time. Well, here I am at Thelneth`m
:19:55. > :19:56.on the Norfolk, Suffolk border. It?s pretty early in the morning
:19:57. > :19:59.and I?ve got two cameras. One to talk to you,
:20:00. > :20:02.the other to try to capture on film I?ve come to this spot to fhnd
:20:03. > :20:08.the water vole. Rivers like this, are perfect spots
:20:09. > :20:10.for the furry creatures to thrive, but they were almost hunted to
:20:11. > :20:16.the point of being wiped out. We see the water vole as behng
:20:17. > :20:19.a quintessentially English lammal. Of course, Ratty in Wind
:20:20. > :20:23.in the Willows wasn?t a rat at all. Unless our Ratty pops up soon,
:20:24. > :20:32.I think I?ve got time to re`d it Ratty
:20:33. > :20:38.and his chums became a firm mealtime It was first imported to thd UK
:20:39. > :20:48.in 1929 for its fur and through a series of escapes and reldases,
:20:49. > :20:53.led to the establishment of A population that many of otr native
:20:54. > :20:58.wild animals had no chance `gainst. And the water vole bore the brunt
:20:59. > :21:03.of the mink?s ferocious appdtite. Over 10 years ago on Inside Out
:21:04. > :21:06.we looked at how the water vole popul`tion had
:21:07. > :21:11.become decimated by mink. In Suffolk,
:21:12. > :21:16.it was predicted that water vole Over a decade later,
:21:17. > :21:32.a lot has been done about it. Suffolk Wildlife Trust has been
:21:33. > :21:34.working with other organisations to trap and destroy the inv`sive
:21:35. > :21:38.mink amd clear overgrown habitats. And that?s why water voles `re
:21:39. > :21:44.doing so well here in Thelndtham. If we look really carefully
:21:45. > :21:46.down here, This is where they may be fdeding
:21:47. > :21:56.on vegetation. This has been cut
:21:57. > :22:09.at a 45 degree angle. There may also be droppings, which
:22:10. > :22:35.would indicate they?re here as well. I came here in 2008 to look
:22:36. > :22:38.for water vole and found absolutely And they should be here bec`use
:22:39. > :22:42.there?s lots of bankside vegetation, banks suitable for burrowing
:22:43. > :22:45.so there had to be another reason Then I came back in 2011 and found a
:22:46. > :22:54.few signs of water vole then I came back and each I?ve come back it s
:22:55. > :22:58.just incredible how the watdr vole have really moved in and thhs must
:22:59. > :23:04.be one of the best stretches of river in Suffolk for water vole
:23:05. > :23:12.and it?s really heartening. So
:23:13. > :23:20.by Penny's estimation my riverside I know it sounds silly
:23:21. > :23:27.but a few weeks ago I managdd to Suffolk Wildlife Trust has had help
:23:28. > :23:58.from many other organisations. Jo`Anne Pitt is from the
:23:59. > :24:02.Little Ouse Headwaters Projdct. When we first took on some
:24:03. > :24:04.of the land management round here there were no water voles
:24:05. > :24:07.at all and they?ve come back very successfully over the last few years
:24:08. > :24:12.so more and more people are becoming Yes, that?s right we are imlensely
:24:13. > :24:23.pleased that they?ve come b`ck to this particular stretch
:24:24. > :24:25.of river that we?ve been working It?s such a quiet place and I?ve
:24:26. > :24:35.been here over two hours and I?ve seen one person walking thehr dogs,
:24:36. > :24:38.I expected to see loads of people I suppose that?s why it?s stch
:24:39. > :24:43.an ideal location for water vole because they?re just
:24:44. > :24:47.left undisturbed. But having said that
:24:48. > :25:06.I haven?t seen any. I?ve heard the infamous plop
:25:07. > :25:08.a couple of times. They say you won?t see them
:25:09. > :25:12.you?ll just hear the plop. If I was a water vole and I saw me,
:25:13. > :25:33.I am not sure I would pop up either. But my mission to film
:25:34. > :25:36.a water voles isn?t over just yet. Penny from the Suffolk Wildlife
:25:37. > :25:39.Trust has arranged for me to spend some time at a private nature
:25:40. > :25:42.reserve in Suffolk where water Some gloves for your hands,
:25:43. > :26:07.just to cover your hands, Not for my head? Best to put it over
:26:08. > :26:21.the camera. This hide is in Nick Oliver?s garden
:26:22. > :26:24.and this is where he?s succdssfully He puts out some food for them,
:26:25. > :26:31.tried and tested apple peal... Then it?s time for me to waht,
:26:32. > :26:33.again! You?ve got to be so quiet, H keep
:26:34. > :26:48.hearing things and thinking that?s a water vole, but then it turns out to
:26:49. > :26:59.be something completely different, like a moorhen or a duckling. It
:27:00. > :27:05.would be so special if I saw one. Nick has turned this part
:27:06. > :27:07.of his land I remember first seeing a w`ter vole
:27:08. > :27:12.when I was around 7 or 8, at school, it just swam across a river and
:27:13. > :27:20.just sat eating some vegetation Since then I?ve always been
:27:21. > :27:23.fascinated by water voles. Having my own bit of land whth water
:27:24. > :27:26.and suitable habitat for thdm of course it progressed frol there
:27:27. > :27:29.so, now there are water volds Well, there?s definitely evhdence
:27:30. > :27:35.of them being here. And this is what I should
:27:36. > :27:42.be seeing in my lens. These are the water voles that Nick
:27:43. > :27:45.filmed, though it's his footage Well, having spent some timd
:27:46. > :27:49.in this hide trying to catch a water vole on camera, it appears they re
:27:50. > :27:52.very reluctant to appear, btt quite They've had to literally battle
:27:53. > :28:00.for their survival against dwindling habitats, invading
:28:01. > :28:06.American mink and us humans, so we can't be too surprised if they don't
:28:07. > :28:19.want to appear today, so if you do There he is. Taunting me with the
:28:20. > :28:28.list of water vole. That is all for now. You can get in touch online at
:28:29. > :28:33.any time. I will see you next week, when I will be reviewing thdse
:28:34. > :28:37.stories from where we live. Next week. Noisy neighbours. What is a
:28:38. > :28:45.reasonable level of noise to expect from your neighbours? That hsn't the
:28:46. > :28:50.full effect, is it? A former jihadists warned young Muslhms not
:28:51. > :28:54.to fight in Syria or Iraq. @nd we join the underwater archaeologists
:28:55. > :29:02.unlocking the secrets of a 17th`century shipwreck of Southend.
:29:03. > :29:05.Hello, I'm Ellie Crisell with your 90 second update.
:29:06. > :29:08.There's no return if you decide to leave the UK.
:29:09. > :29:10.David Cameron's message to Scotland ahead of this week's vote over
:29:11. > :29:14.The Yes campaign's Alex Salmond has branded claims that prices
:29:15. > :29:21.Two British tourists have been murdered on a beach in Thailand
:29:22. > :29:25.Police said 24-year-old David Miller and Hannah Witheridge, who's 23
:29:26. > :29:31.He's the child cancer specialist who's admitted abusing young boys